An investor spent 6 SOL ($815) to purchase 30.1 million Moo Deng (MOODENG) meme tokens in mid-September. These assets are now valued at $9.4 million, according to Lookonchain.
This guy spent only 6 $SOL($815) to buy 30.1M $MOODENG 17 days ago, now worth $9.4M, a 11,534x return! #Moodeng https://t.co/83CP9Vn3jb pic.twitter.com/zJpCFAr3rQ
— Lookonchain (@lookonchain) September 28, 2024
Theoretically, he increased his investment by 11,534 times. However, commenters noted that the coin’s low market liquidity would prevent him from realizing the full potential profit.
A trader known as BullsCafe highlighted that the actual market capitalization of MOODENG is only $1 million, with liquidity around $135,000. In his view, it is “mathematically impossible” to achieve a $9.4 million profit in this situation.
? Exposing the $MOODENG Fake Hype ?
Saw claims that 6 $SOL ($815) magically turned into $9.4M with $MOODENG in just 17 days? Let’s break down the reality behind this misleading hype:
? **REAL Data**: The current market cap of $MOODENG is only $1M with liquidity around $135K.…
— BullsCafe (@BullsCafe22) September 28, 2024
“This is a classic Pump & Dump tactic used to lure novice traders with unrealistic returns,” stated BullsCafe.
He added that the promotion of such topics by social media accounts with large followings only increases the number of scam victims.
“Countless meme coins are launched weekly, and many disappear overnight. They prey on dreams of instant wealth and destroy traders’ investments,” the expert wrote.
Earlier, analysts at Arkham noted the theoretical growth of the mentioned investor’s holdings in MOODENG, suggesting possible insider trading.